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Tuesday, 29 August 2000

West Regional Digest (8/30/00): Hotel planned for downtown L.A. building

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August 30, 2000

Hotel planned for downtown L.A. building
The Los Angeles Times, August 30

LOS ANGELES – Columbia Development, a Manhattan Beach-based investment group, is in escrow to buy the former Sanwa Bank headquarters in downtown L.A.'s financial district, with plans to renovate the long-vacant office building into a 540-room hotel. Though no terms of the pending deal have not been disclosed, a partnership that included Beverly Hills-based Kennedy-Wilson Inc. bought the building in 1997 for $12 million and the sellers are asking $18 million, according to real estate information service CoStar Group Inc. The 13-story, 500,000-square-foot building sits across the street from the former Bank of California headquarters, which Columbia Development purchased in January in partnership with Standard Holdings, owner of the Chateau Marmont and the hip Standard hotel in West Hollywood.


REIT's pullout of Denver area residential complex angers residents
The Denver Post, August 30

DENVER – Residents of Denver's low-income East Village housing complex had hoped that Post Properties agreement to buy the 249-unit complex would bring stability to the community. But the Atlanta-based REIT has backed out of its week-old contract to buy East Village, leaving the building's 600 residents very angry. Post said it pulled out when it failed to get a consensus from the neighborhood, the Denver Housing Authority and Mayor Wellington Webb about what direction the $14 million project should take. City officials say they didn't communicate with the company because of their competing attempt to seize the land by eminent domain and preserve subsidized housing at the complex, 240 23rd St. City officials said another firm might be willing to match Post Properties' offer to buy East Village for $14 million from its owner, California-based Casden Properties. The potential buyer was said at Tuesday's meeting to be the Atlanta-based Integral firm.


Cascade General buys Portland shipyard for $30.8 Mln
The Oregonian, August 30

PORTLAND, Ore. – Cascade General Inc. has completed its $30.8 million purchase of the 57-acre Swan Island shipyard from the Port of Portland. Frank Foti, president and chief executive of Cascade, initiated acquisition talks more than four years ago for the facility, which was owned by the Port since 1953 and was the last publicly run commercial yard in the country. The initial agreement sold a 90-acre shipyard to Cascade General for $38.8 million. But the company's financing fell through, and a new round of negotiations began. The revamped agreement pared the land to 57 acres and the price to $30.8 million. Under the final deal, the Port keeps about 32 acres of undeveloped land along the Willamette River side of Swan Island, as well as some small parcels along the lagoon.


MPTV close to securing $52.5 Mln loan for Vegas time-share project
The Las Vegas Review-Journal, August 30

LAS VEGAS, Nev. – MPTV Inc., developer of the Lake Tropicana time-share resort at 300 E. Harmon Ave., is close to completing a $52.5 million loan for the project, according to information disclosed in its quarterly filing with the SEC. The Newport Beach, Calif.-based company also reported that it recently received a memo from Oxford International requesting additional information to complete the funding process for the construction loan.


Denver's commercial real estate market gets high marks
The Denver Rocky Mountain News, August 30

DENVER – Denver's commercial real estate market offered the second-best investment opportunity in the nation during the second quarter of 2000, according to a new report issued by Chicago-based Real Estate Research Corp. Denver scored 6.1 on an investment ranking scale of 1 to 10 in the study, which surveyed REITs pension funds, insurance companies, banks and other financial companies about the real estate investment conditions in 14 cities nationwide. Washington, D.C., was No. 1, with a 6.2 overall score. Philadelphia, New York and San Francisco tied Denver for the No. 2 spot, with 6.1 scores. The financial companies based their responses on such issues as expected yields, capitalization rates, rental and expense growth and the risk of overbuilding.





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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  • Subject: Property Acquisitions (ACQ), West Regional Digest (WDIG)
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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